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FOREX: How boy, 16, turned £150 to over £60,000 in less than a year

A 16-year-old self-taught currency trader who has turned £150 into more than £60,000 in less than a year believes he is the “UK’s youngest Forex trader.”

Forex
Edward Ricketts was just 16 when he spotted a Foreign Exchange Market trader boasting on Instagram about how much money he was making. PHOTO: SWNS

Edward Ricketts, who says he learned his tips from Youtube, was just 16 when he spotted a Foreign Exchange Market trader boasting on Instagram about how much money he was making. In awe of his flash cars and designer clothes, college student Edward asked him for tips, but was told without formal training he’d never succeed.

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Proving him wrong, Edward spent hours watching YouTube videos on how to make money by buying, exchanging and selling global currencies online for a profit. Edward, from Tottenham, London, believes he is the UK’s youngest Forex trader – and says he doesn’t know any traders his age who are making serious money. He monitors the money markets between college classes. His biggest gains have come from following news stories about key Brexit negotiations. He’s so good at Forex trading he now charges more than 100 clients up to £120 a time for tips.

He’s saving his cash for a £30,000 Mercedes A-Class when he’s old enough to drive, and also wants to treat his single dad and siblings to a holiday to America. Edward, who lives with dad, Oscar Ammad, 54, a security guard, his brother, Earnest, 27, and sister, Anita, 25, said: “I keep up with the news because it makes a massive difference. I have to take an interest because the pound is affected by Brexit and I have been taking advantage.”

Edward, who is currently studying a business and enterprise course, first came across Forex when he saw a trader on Instagram – who was double his age – in August 2018. The 16-year-old wrote the dealer a private message, asking him for trading tips.

The trader was impressed – but told Edward that without a specified trading training course, he “would fail.” In July last year, Edward opened up his very first trading account and deposited £200 out of his pocket money – the minimum amount allowed. In December alone,

Edward made over £14,000, and despite loses – of up to £10,000 at one time – his account shows an overall profit of £63,000. Edward has bought himself a few treats – including a £350 Louis Vuitton wallet, a pair of £800 shoes and a £2,000 gold pendant that spells out ‘Edz’. Edward says: ‘My main goal is to just keep saving. I want to go into property investment when I’m older.

“But money does make me happy. I never had much money growing up, as a kid. I had to ask my parents for money. I want to be independent and be able to pay for my own things. But I want to be able to help out my family too. I want to take them on holiday, to America. Edward’s dad, Oscar, says his son has his full support and he’s ‘proud’ of Edward for his achievements.

He said: “I am aware of the fact he is doing it and I think it’s fine if that’s what he’s interested in doing. I fully support him. It’s amazing what he is doing, I am proud of what he has done it. ‘I am with him all the way, he’s doing great,” Metro reported.

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